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(Reuters) - Oil prices settled higher on Tuesday, driven by concerns over limited supply from Russia and Iran because of Western sanctions and expected higher Chinese demand.
Brent crude futures settled at $77.05 a barrel, up 75 cents, or 0.98%. U.S. West Texas Intermediate (WTI) crude finished at $74.25 a barrel, up 69 cents, 0.94%.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 4.022 million barrels for the week ending January 3. Analysts had expected a 250,000 barrel draw. For the week prior, the API reported a draw of 1.442-million-barrel in U.S. crude oil inventories in the midst of build season.
U.S. stocks finished lower on Tuesday as Treasury yields spiked after a pair of strong economic reports dampened hopes for aggressive Federal Reserve interest-rate cuts this year.
The Nasdaq Composite tumbled 375.30 points, or 1.9%, to end at 19,489.68. The tech-heavy index suffered its worst day since Dec. 18, according to Dow Jones Market Data.
The S&P 500 was off 66.35 points, or 1.1%, to finish at 5,909.03.
The Dow Jones Industrial Average fell 178.20 points, or 0.4%, ending at 42,528.36. It was the worst day for the blue-chip index since Dec. 30, according to Dow Jones Market Data.
A sharp selloff in the government-debt market weighed on U.S. technology stocks on Tuesday after the December ISM services and November job-openings reports beat consensus, leading markets to dial back their expectations for rate cuts this year.
The yield on the 10-year Treasury note jumped nearly 7 basis points to 4.684% on Tuesday afternoon, the highest since April 25 of last year. The 30-year rate spiked over 7 basis points to 4.91%, the highest since November 2023, according to Dow Jones Market Data.
"I think there's a level at which rates rise enough that investors begin to worry that it hurts the entirety of the equity market because it hurts the economy more," said Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Company.
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